Rents rise by 8.7% – but one area sees a 30% increase

Rents rise by 8.7% – but one area sees a 30% increase

0:01 AM, 27th November 2024, About 8 hours ago

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Rents across Britain have surged over the past year by 8.7%, with some areas experiencing staggering increases – including one area that saw a jaw-dropping 30.1% rent hike.

The research from Zero Deposit, the tenancy deposit alternative, reveals that London saw the most significant jump at 10.4%.

Yorkshire and the Humber recorded the smallest increase at 5.8%.

‘Higher level of tenant demand’

The firm’s chief executive, Sam Reynolds, said: “Rents have continued to climb over the last year, driven by a far higher level of tenant demand than there are homes to satisfy it and, in some areas, the increase in the monthly cost of renting has been substantial, to say the least.

“It’s not just the monthly cost of renting that will prove problematic for many, simply securing a property can be a challenge due to the high initial cost of a traditional tenancy deposit.”

London borough of Brent

However, the picture at a local authority level is stark with the London borough of Brent taking the top spot with a 30.1% rise.

Tenants in Nuneaton and Bedworth in the West Midlands are paying 16.2% more in rent.

Folkestone and Hythe in the South East saw a 15.8% jump, while Harborough and Hinckley and Bosworth in the East Midlands experienced 15.7% and 15.4% increases, respectively.

A staggering 71 local authorities have seen double-digit rent hikes, with only West Lindsey in the East Midlands bucking the trend, experiencing a modest 1.7% decrease.


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